Investors in the flagship investment strategy of London's RAB Capital have agreed to commit their money to the portfolio for three years, the hedge fund revealed today, as it announced a spin-off of its Asian operations into a separate legal entity.

In a rare move for the hedge fund industry, investors in two funds feeding into the $790m (€551m) Special Situations strategy were balloted, and agreed "by a considerable margin", to leave their money in the strategy, in return for a cut in the fees they pay.